Diversis Capital LLC has purchased Blue Software, completing a carve-out process that came about in the months that followed Matthews International Corp.'s (Nasdaq: MATW) acquisition of Schawk Inc.(NYSE: SGK).

Blue, previously a subsidiary of Schawk, is now a portfolio company of Diversis, a Los Angeles-based private equity firm launched in May 2013. It is the third deal for the fledgling investment firm, following Nylon Magazine in May and Martin Archery Inc. in October 2013.

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